Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported a year-on-year increase of 68% in net profit attributable to shareholders for Q3 2025, benefiting from a strategic partnership with the National Third Generation Semiconductor Technology Innovation Center [5][8] - The company is positioned as a leader in electronic measurement instruments, capitalizing on the growing demand in semiconductor devices and new energy testing scenarios [8] - The company has established a wholly-owned subsidiary in Munich, Germany, to enhance its market share in Europe and expand overseas operations [8] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 151 million yuan (up 16% year-on-year) and a net profit of 44.14 million yuan (up 59% year-on-year) [8] - Q3 2025 revenue was 51 million yuan (up 16% year-on-year, down 18% quarter-on-quarter), with a net profit of 14.83 million yuan (up 68% year-on-year, down 23% quarter-on-quarter) [8] - The company’s cash flow from operating activities improved significantly, with a net cash flow of 3.53 million yuan (up 211% year-on-year) [8] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 236 million yuan, 287 million yuan, and 348 million yuan, respectively, with year-on-year growth rates of 21.88%, 21.25%, and 21.39% [7] - Net profit attributable to shareholders is forecasted to be 66 million yuan, 80 million yuan, and 97 million yuan for the same period, with growth rates of 30.08%, 21.68%, and 21.86% [7] - The current price-to-earnings (P/E) ratios for 2025-2027 are projected to be 94.58, 77.73, and 63.78, respectively [7]

Market Overview - The general equipment sector increased by 1.09% on October 29, with Tiangang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in General Equipment Sector - Tiangang Co., Ltd. (code: 920651) closed at 54.40, up 20.73% with a trading volume of 39,400 lots and a transaction value of 194 million [1] - Rongyi Precision (code: 920223) closed at 22.55, up 16.54% with a trading volume of 206,500 lots and a transaction value of 439 million [1] - Tonghui Electronics (code: 920509) closed at 43.59, up 12.61% with a trading volume of 132,300 lots and a transaction value of 533 million [1] - Other notable gainers include Riyue Ming (code: 300906) and Dingtai Gaoke (code: 301377), with increases of 12.14% and 12.03% respectively [1] Top Losers in General Equipment Sector - Weilon Co., Ltd. (code: 002871) closed at 15.29, down 7.72% with a trading volume of 155,600 lots and a transaction value of 242 million [2] - Haitai Cold Chain (code: 603187) closed at 14.31, down 4.02% with a trading volume of 222,200 lots and a transaction value of 317 million [2] - Yindu Co., Ltd. (code: 603277) closed at 18.16, down 3.86% with a trading volume of 67,600 lots and a transaction value of 121 million [2] Capital Flow Analysis - The general equipment sector saw a net inflow of 298 million from institutional investors, while retail investors experienced a net outflow of 258 million [2][3] - Major stocks like Huadong CNC (code: 002248) and Ningbo Jingda (code: 603088) had significant net inflows from institutional investors, amounting to 163 million and 144 million respectively [3] - Conversely, retail investors showed net outflows in several stocks, including Huadong CNC and Ningbo Jingda, indicating a shift in investor sentiment [3]

Core Insights - The North Exchange stocks showed strong performance in the afternoon, with the North 50 Index rising nearly 9% [1] - Notable gainers included Huaxin Yongdao up 25%, Better Ray up over 18%, and Fujida up over 16% [1] - The Chairman of the North Exchange, Lu Songbin, announced plans to optimize the index system and introduce the North 50 ETF, enhancing trading convenience [1] Company Performance - Huaxin Yongdao: October increase of 25.21%, total market value of 4.057 billion, year-to-date increase of 5.52% [2] - Better Ray: October increase of 18.74%, total market value of 39.6 billion, year-to-date increase of 82.19% [2] - Fujida: October increase of 16.37%, total market value of 6.407 billion, year-to-date increase of 25.64% [2] - Tianma New Materials: October increase of 13.88%, total market value of 3.846 billion, year-to-date increase of 45.86% [2] - Tonghui Electronics: October increase of 13.64%, total market value of 7.052 billion, year-to-date increase of 211.92% [2] - Shuguang Digital Innovation: October increase of 13.19%, total market value of 19.2 billion, year-to-date increase of 42.24% [2]

截至本公告日，公示期已结束。根据《优质中小企业梯度培育管理暂行办法》 规定，公示无异议的公司，将由国家工业和信息化部认定为专精特新"小巨人" 企业。 证券代码：920509 证券简称：同惠电子 公告编号：2025-096 常州同惠电子股份有限公司 关于公司通过国家级专精特新"小巨人"企业复核 并完成公示的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、基本情况 近日，江苏省工业和信息化厅发布《关于江苏省第七批专精特新"小巨人" 企业和 2025 年专精特新"小巨人"复核通过企业名单的公示》，常州同惠电子 股份有限公司（以下简称"公司"）通过国家级专精特新"小巨人"企业复核。 董事会 2025 年 10 月 28 日 二、对公司的影响 公司此次通过国家级专精特新"小巨人"企业复核，是国家工业和信息化部 从技术研发深度、创新成果转化能力、生产制造精细化水平及综合运营实力等核 心维度，对公司长期深耕细分领域所获成绩的高度认可，有利于提高公司的品牌 知名度和在行业内的影响力，对公司整体发展产生积极影响 ...

证券代码：920509 证券简称：同惠电子 公告编号：2025-094 常州同惠电子股份有限公司 第五届董事会第十二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 27 日 3.会议召开方式：现场和通讯相结合 4.发出董事会会议通知的时间和方式：2025 年 10 月 17 日以电话和网络方式 发出 5.会议主持人：赵浩华 6.会议列席人员：董事会秘书、其他高级管理人员 7.召开情况合法合规的说明： 会议召开及表决程序符合《中华人民共和国公司法》及有关法律、法规和《公 司章程》的规定。 2.会议召开地点：公司会议室 （二）会议出席情况 会议应出席董事 11 人，出席和授权出席董事 11 人。 二、议案审议情况 （一）审议通过《关于公司<2025 年第三季度报告>的议案》 1.议案内容： 公司根据法律法规要求，已编制完成 2025 年第三季度报告。具体内容详见 公司于 2025 年 10 月 28 日在北 ...

Core Points - The total trading volume of stocks on the Beijing Stock Exchange reached 752 million shares, with a total transaction value of 17.605 billion yuan, an increase of 580 million yuan compared to the previous trading day [1] - A total of 156 stocks closed higher, accounting for 56.12% of the tradable stocks, with notable gainers including Tongyi Aerospace, Jiahe Technology, and Lingge Technology, which rose by 21.97%, 12.29%, and 5.74% respectively [1] - Conversely, 111 stocks closed lower, with significant declines seen in Chenguang Medical, Guangzi International, and Luqiao Information, which fell by 8.80%, 6.17%, and 5.74% respectively [1] Trading Activity - 52 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Tongyi Aerospace (544.3 million yuan), Fujida (379.1 million yuan), and Tonghui Electronics (334.4 million yuan) [1] - The trading activity showed that 23 stocks had a turnover rate exceeding 10%, with 6 stocks exceeding 20%. The highest turnover rates were observed in Changjiang Nengke (43.34%), Tongyi Aerospace (28.98%), and Tiangang Co. (21.16%) [1] Stock Performance - The closing prices and performance of notable stocks included: - Tongyi Aerospace: Closing price at 18.10 yuan, up 21.97%, turnover rate at 28.98%, transaction value at 544.3 million yuan [1] - Fujida: Closing price at 28.55 yuan, down 2.02%, turnover rate at 6.98%, transaction value at 379.1 million yuan [2] - Tonghui Electronics: Closing price at 38.04 yuan, up 3.88%, turnover rate at 10.28%, transaction value at 334.4 million yuan [2] - Changjiang Nengke: Closing price at 18.98 yuan, up 0.48%, turnover rate at 43.34%, transaction value at 330.4 million yuan [2] - Jiahe Technology: Closing price at 36.00 yuan, up 12.29%, transaction value at 63.7 million yuan [3]

Group 1 - The Bay Area Semiconductor Expo successfully showcased high-growth semiconductor targets, with 18 companies in the semiconductor industry on the North Exchange, totaling a market value of 73.242 billion yuan as of October 17, 2025 [2][22][24] - Tonghui Electronics (920509.BJ) achieved a revenue of 101 million yuan in H1 2025, representing a year-on-year growth of 16.81%, and a net profit of 29.3099 million yuan, up 55.40% year-on-year [2][24][27] - The semiconductor industry is expected to benefit from the integration of the entire semiconductor supply chain, with significant participation from top global companies [12][13] Group 2 - The average weekly decline for five major industries, including high-end equipment and information technology, was recorded at -4.50% and -5.43% respectively [3][28] - The median price-to-earnings (PE) ratio for the high-end equipment industry dropped to 40.1X, while the information technology sector saw an increase to 69.6X [3][30] - The chemical new materials industry also experienced a decline in median PE ratio to 40.4X, with notable performers like Litong Technology increasing by 39.83% [3][31] Group 3 - In the technology sector, the median TTM PE ratio for 156 companies decreased from 48.9X to 45.8X, with an overall market capitalization drop from 495.739 billion yuan to 471.131 billion yuan [4][40][41] - The top five gainers in the technology sector included Wantong Hydraulic (+16.56%) and Tonghui Electronics (+15.66%) [4][38][43] - The smart manufacturing industry saw its median PE ratio drop to 50.1X, while the electronic industry’s median PE ratio fell to 54.0X [4][45][51] Group 4 - The third-quarter reports are being disclosed, highlighting high-growth and scarce targets such as Yabo Xuan, which reported a revenue of 419 million yuan, up 55.9% year-on-year [5][62] - Other companies like Minshida and Lichuang Technology also reported significant revenue growth, with Minshida achieving 343 million yuan in revenue, a 21.77% increase [5][63] - The announcements indicate a focus on innovation and technology advancements, with several companies receiving patents and regulatory approvals [5][62][63]

Core Points - The total trading volume of stocks on the Beijing Stock Exchange reached 765 million shares, with a total transaction value of 17.747 billion yuan, representing a decrease of 5.75 billion yuan compared to the previous trading day [1] - Among the traded stocks, 43 stocks closed higher, accounting for 15.47% of the total, with notable increases from Changjiang Nengke (up 254.03%), Hongyuan Co. (up 7.35%), and Qifeng Precision (up 6.44%) [1][2] - Conversely, 233 stocks closed lower, with the largest declines seen in Luqiao Information (down 11.45%), Wantong Hydraulic (down 9.66%), and Tonghui Electronics (down 7.14%) [1][2] Trading Activity - Changjiang Nengke, which was newly listed, saw a significant increase of 254.03% with a turnover rate of 67.65% and a transaction value of 524.41 million yuan [2] - A total of 48 stocks had transaction values exceeding 100 million yuan, with Tonghui Electronics and Changjiang Nengke leading at 527.08 million yuan and 524.41 million yuan, respectively [2] - The trading activity showed that 19 stocks had a turnover rate exceeding 10%, with 4 stocks exceeding 20% [2] Stock Performance - The closing prices and performance of notable stocks included: - Tonghui Electronics: closing price of 39.00 yuan, down 7.14%, turnover rate of 15.08%, transaction value of 52.71 million yuan [2] - Changjiang Nengke: closing price of 18.87 yuan, up 254.03%, turnover rate of 67.65%, transaction value of 524.41 million yuan [2] - Qifeng Precision: closing price of 33.70 yuan, up 6.44%, turnover rate of 17.27%, transaction value of 29.97 million yuan [2]

Market Overview - On October 15, the total trading volume of stocks on the Beijing Stock Exchange reached 742 million shares, with a total transaction value of 17.798 billion yuan, a decrease of 2.908 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 213 stocks closed higher, accounting for 76.90% of the total, with notable gainers including Wantong Hydraulic, Kaitai Co., and Guangzi International, which rose by 21.67%, 13.14%, and 13.02% respectively [1][2] - Conversely, 58 stocks closed lower, with the largest declines seen in Tonghui Electronics, Luqiao Information, and Huaguang Yuanhai, which fell by 12.08%, 8.13%, and 5.87% respectively [1] Trading Activity - A total of 51 stocks had transaction values exceeding 100 million yuan, with the highest transaction values recorded for Jinbo Biological, Tonghui Electronics, and Wantong Hydraulic at 629.739 million yuan, 580.019 million yuan, and 505.496 million yuan respectively [1] - In terms of trading activity, 20 stocks had a turnover rate exceeding 10%, with 3 stocks exceeding 20%. Additionally, 27 stocks had turnover rates between 5% and 10%, while 207 stocks had turnover rates between 1% and 5% [1] Notable Stocks - Jinbo Biological closed at 290.43 yuan with a gain of 5.00% and a turnover rate of 3.57%, with a transaction value of 629.739 million yuan [1] - Tonghui Electronics closed at 42.00 yuan, down 12.08%, with a turnover rate of 15.75% and a transaction value of 580.019 million yuan [1] - Wantong Hydraulic closed at 58.90 yuan, up 21.67%, with a turnover rate of 14.02% and a transaction value of 505.496 million yuan [1]

Core Points - The total trading volume of stocks on the Beijing Stock Exchange reached 862 million shares, with a total transaction value of 20.706 billion yuan, an increase of 0.912 billion yuan compared to the previous trading day [1] - A total of 121 stocks closed higher, accounting for 43.68% of the tradable stocks, with notable gainers including Huifeng Diamond, Huaguang Source Sea, and Ainengju, which rose by 14.73%, 10.74%, and 9.34% respectively [1] - Conversely, 148 stocks closed lower, with significant declines seen in Jiuling Technology, Yuanhang Precision, and Changfu Co., which fell by 10.21%, 9.29%, and 7.54% respectively [1] Trading Activity - 50 stocks had transaction values exceeding 100 million yuan, with the highest being Tonghui Electronics at 1.010585 billion yuan, followed by Jinhua New Materials at 0.501755 billion yuan and Air China Ocean at 0.479762 billion yuan [1] - In terms of trading activity, 19 stocks had a turnover rate exceeding 10%, with 7 stocks exceeding 20%. A total of 45 stocks had turnover rates between 5% and 10%, while 199 stocks had turnover rates between 1% and 5% [1] - The stocks with the highest turnover rates included Aomeisen at 36.34%, Jinhua New Materials at 31.19%, and Huifeng Diamond at 27.70% [1]